Seventeen Group posts ebitda of £4.82m for 2021

Broker Seventeen Group has posted an earnings before interest, tax, depreciation and amortisation (ebitda) figure of £4.82m in its full year financial results for 2021, released today (12 October 2022).

This ebitda figure represents a growth of £1.35m from 2020’s full year result, which sat at £3.57m.

The broker also achieved a 27% increase in revenue from 2020’s figure of £24.5m to take it to a total figure of £31.2m for 2021.

In the group’s financial statement, it said this improvement had been driven through strong trading within its businesses James Hallam and Touchstone, with new business income exceeding £4.5m.

It added that there was a partial contribution from acquisitions the business made during the year, including Ryan’s, PRS and Christopher Rowe.

Seventeen Group explained that while divisions previously impacted by the Covid-19 pandemic had begun to show recovery, they had not recovered to pre-covid levels.

The firm expected this recovery to continue through 2022.

Organic growth

Seventeen Group chief executive Paul Anscombe said: “We are delighted with our group performance in 2021.

“Organic growth was strong and acquisitions made during this period performed ahead of expectations.

“Our progress has continued into 2022, with further acquisitions made plus the creation of a new events team.

“As a result of our continued growth we refinanced with Ares during 2022, which provides long-term capability to make further acquisitions.

“These are clearly difficult times worldwide and the insurance market will inevitably be impacted as a result of such challenges.

“Consequently, clients need risk advice more than ever before from trusted advisers and so we see huge opportunities to grow.”